What Is Estate Planning?
Estate planning refers to the process of making arrangements for the management and distribution of your assets (property, investments, savings, etc.) in the event of your death or incapacity. Estate planning allows you to make decisions about what will happen to your assets after you pass away, and can help to minimise taxes, legal fees, and other costs associated with the distribution of assets.
We can assist with estate planning by providing advice on the various options available and helping to draft legal documents such as Wills, Powers of Attorney, and Trusts. We can help you understand the tax implications of your decisions and ensure that your wishes are accurately reflected in the legal documents.
In the UK, estate planning is an important aspect of financial planning and can help to ensure that an individual’s assets are passed on to their intended beneficiaries in the most efficient and tax-effective manner. We can provide expert advice on estate planning and can help to ensure that your assets are protected for your family and loved ones.
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How Long Does It Take To Plan My Estate?
The duration of estate planning is dependent on various factors, including the complexity of your assets, the size of your estate, the presence of any disputes among beneficiaries, and more which means that the process of drafting an estate plan can range from a few weeks to several months.
It’s essential to factor in the time needed to consult with an experienced estate planning solicitor and other specialists, such as accountants and financial advisors, who must assess your financial situation before making any recommendations.
Furthermore, you may opt to set up a trust as part of your estate plan, which can be particularly beneficial for complex estates as it provides additional asset protection and ensures the proper care of beneficiaries. However, this involves additional paperwork and may require extra time to establish and execute correctly.
Things that fall under your “estate” typically includes assets such as:
- Life insurance or assurance policies
Failure to plan your estate can result in you being declared as having passed away “Intestate.” This means that the distribution of your estate will be determined by the laws of Intestacy, negating any personal choices you may have had.
Here for you.
We deal with Estate Planning for clients in Corby, Kettering, across Northamptonshire as well as all over the country in England and Wales. Distance is not a problem!
Call our Corby office on 01536 276300 or our Kettering office on 01536 311690 today or contact us online.